That year, UBS disclosed that it gave Mr. Orcel a replacement award designed to make up for money left behind at his prior employer. The award consisted of nearly $6.4 million in cash and stock valued at 18.5 million Swiss francs ($21.2 million at current exchange rates). Both elements are designed to vest in installments in 2013, 2014 and 2015, UBS said.

Mr. Ermotti was listed as the top paid executive at the bank for 2012, with nearly 8.9 million francs in total compensation. His pay was bumped up by more than a fifth for 2013, to 10.7 million francs. Mr. Orcel received 11.4 million francs in total compensation for 2013.

UBS says Mr. Orcel’s pay level comes as a result of the strong performance at the investment bank, which reported a 28.7% return on attributed equity for 2013. That compares to just 2.4% in 2012.

Mr. Orcel was also cited by UBS for his “consistent promotion of the highest standards of employee conduct and behavior.”

Even in light of the investment bank’s strong financial performance of late, UBS executives have indicated they have no plans to remove the cap of 70 billion francs in risk-weighted assets internally placed on the business, in a bid to rein it in and foster discipline.

UBS’s investment bank was run with about twice as much in risk-weighted assets as recently as the end of 2011.

Regulators are pushing stricter capital requirements, and UBS is eager to avoid once again having the type of unwieldy investment bank that resulted in some $50 billion in losses during the financial crisis.